Overview

Hazlis and Rivas, official and exclusive representative of The EconomistEvents for Greece, Cyprus, Malta and SE Europe, announces the organisation of a special event on the global economy, the euro zone and Greece entitled "How fast can we grow? Vital questions for America, Europe and Greece".

The event is scheduled to take place on September 25th 2017 in Athens, at the Divani Apollon Palace and Thalasso.

Speakers

Joan Hoey

Regional director, Europe, Economist Intelligence Unit

Joan Hoey

Regional director, Europe, Economist Intelligence Unit

Joan Hoey is a senior analyst and regional manager in the Europe team at the Economist Intelligence Unit (EIU). The team provides economic, political and business coverage for all the countries of Europe. Joan is the senior analyst for Greece, Romania and Serbia and has specialised in the politics and economics of the Balkans. Before joining the EIU in 1995, Joan worked as a freelance journalist and analyst covering Eastern Europe in the early 1990s. In the 1980s, she worked as a freelance journalist covering the UK and Northern Ireland. Joan was educated at Sussex university (BA Hons First Class History), Middlesex university (Industrial Relations) and the London School of Economics (International Relations).

Jeroen Dijsselbloem

President of the Eurogroup and minister of finance of the Netherlands

Jeroen Dijsselbloem

President of the Eurogroup and minister of finance of the Netherlands

Jeroen Dijsselbloem, minister of finance of the Netherlands, was elected Eurogroup president on January 21st 2013, and re-elected for a second term on July 13th 2015. His Eurogroup mandate ends in January 2018.

When Dijsselbloem assumed office, the green shoots of a sustained economic recovery began to emerge in the euro area. However, in the aftermath of the crisis the situation was still fragile. Safeguarding the euro was thus a top priority. Dijsselbloem was and is an advocate of showing solidarity with distressed countries in their effort to implement difficult reforms necessary to secure a balanced growth. Under his presidency, the Eurogroup continued to support the countries with whom it had in earlier years agreed on financial assistance programs, financed through the stability mechanisms established by the Eurozone members. The implementation of agreed policy reforms enabled several of them to successfully exit their programmes and regain market access.Another important milestone for Dijsselbloem is the implementation of the banking union. Completion of the banking union is a key priority in order to increase the euro area’s resilience.

Dijsselbloem has an MSc degree in agricultural economics from Wageningen University (1985-91) and performed a business economics research at the University College Cork, in Ireland (1991).

Currently, he is the Dutch minister of finance (since 2012), president of the Eurogroup (since 2013), member of the Dutch Parliament (2000-12 and since March 2017) and chairman of the board of governors ESM (since 2013).

George Chouliarakis

Alternate minister of finance, Greece

George Chouliarakis

Alternate minister of finance, Greece

George Chouliarakis is alternate minister of finance and chairman of the Council of Economic Advisers of Greece. Prior to his appointment, he was teaching macroeconomics at the University of Manchester. He also taught macroeconomics and quantitative economic history at the University of Essex. He is a visiting scholar of the Bank of Greece and a fellow of the Euro Area Business Cycle Network. He is currently a member of the Eurogroup Working Group (EWG) and a member of the board of directors of the European Stability Mechanism (ESM).

Secretary of the Treasury Jack Lew (2013-17) has served as the most senior economic official in the US government, helping to shape policies that drove the longest economic recovery in American history. At Treasury, he oversaw all aspects of international and domestic fiscal policy, including issues related to financial regulation, global sanctions regimes, tax policy, debt management and trade.

Secretary Lew presents an engaging view of how complex financial and geopolitical forces are shaping our economy, both domestically and overseas.

Evangelos Mytilineos

Chairman and CEO, Mytilineos Holdings

Evangelos Mytilineos

Chairman and CEO, Mytilineos Holdings

Mr Mytilineos is the chairman and managing director of MYTILINEOS S.A., one of Greece’s leading industrial groups.

Born in Athens in 1954, Mr Mytilineos holds both a BSc in economics from the University of Athens, and an MSc in economics from the London School of Economics.

In 1978 he took over the family business, which was founded in 1908 and represented metal and steel product manufacturers. In 1990 he established MYTILINEOS Holdings Group, which is today the leading private group in power and gas, metallurgy and mining, and EPC projects, with a turnover over 1,5 billion USD and more than 2.700 employees.

In 1998, MYTILINEOS Holdings acquired the majority shareholding of the metal construction company METKA S.A, and turned it to an internationally established EPC contractor and industrial manufacturing group, with dynamic EPC portfolio in Europe, Middle East and Africa. Six years later, in 2005, the group acquired Aluminium of Greece, the largest fully vertically integrated producer of alumina and aluminium in Europe.

In the beginning of the century, MYTILINEOS S.A. entered the energy sector, and in less than a decade has become the 2nd largest power producer in Greece, following the Public Power Corporation, with Protergia as the Group’s flagship company which, since 2014, is dynamically active in the retail energy market.

In 2010, the Group joined forces with Motor Oil, one of the leading Greek petroleum refining companies. Together they established M&M Gas S.A., a company that engages in the supply and trading of natural gas and has paved the way for the liberalisation of the domestic natural gas market.

Agenda

Registration-welcome coffee

Welcome remarks by the conference chairwoman:

 Current trends that form Europe’s political, economic and social landscape

Greece in the spotlight

Joan Hoey

Regional director, Europe, Economist Intelligence Unit

Joan Hoey

Regional director, Europe, Economist Intelligence Unit

Joan Hoey is a senior analyst and regional manager in the Europe team at the Economist Intelligence Unit (EIU). The team provides economic, political and business coverage for all the countries of Europe. Joan is the senior analyst for Greece, Romania and Serbia and has specialised in the politics and economics of the Balkans. Before joining the EIU in 1995, Joan worked as a freelance journalist and analyst covering Eastern Europe in the early 1990s. In the 1980s, she worked as a freelance journalist covering the UK and Northern Ireland. Joan was educated at Sussex university (BA Hons First Class History), Middlesex university (Industrial Relations) and the London School of Economics (International Relations).

Secretary of the Treasury Jack Lew (2013-17) has served as the most senior economic official in the US government, helping to shape policies that drove the longest economic recovery in American history. At Treasury, he oversaw all aspects of international and domestic fiscal policy, including issues related to financial regulation, global sanctions regimes, tax policy, debt management and trade.

Secretary Lew presents an engaging view of how complex financial and geopolitical forces are shaping our economy, both domestically and overseas.

Evangelos Mytilineos

Chairman and CEO, Mytilineos Holdings

Evangelos Mytilineos

Chairman and CEO, Mytilineos Holdings

Mr Mytilineos is the chairman and managing director of MYTILINEOS S.A., one of Greece’s leading industrial groups.

Born in Athens in 1954, Mr Mytilineos holds both a BSc in economics from the University of Athens, and an MSc in economics from the London School of Economics.

In 1978 he took over the family business, which was founded in 1908 and represented metal and steel product manufacturers. In 1990 he established MYTILINEOS Holdings Group, which is today the leading private group in power and gas, metallurgy and mining, and EPC projects, with a turnover over 1,5 billion USD and more than 2.700 employees.

In 1998, MYTILINEOS Holdings acquired the majority shareholding of the metal construction company METKA S.A, and turned it to an internationally established EPC contractor and industrial manufacturing group, with dynamic EPC portfolio in Europe, Middle East and Africa. Six years later, in 2005, the group acquired Aluminium of Greece, the largest fully vertically integrated producer of alumina and aluminium in Europe.

In the beginning of the century, MYTILINEOS S.A. entered the energy sector, and in less than a decade has become the 2nd largest power producer in Greece, following the Public Power Corporation, with Protergia as the Group’s flagship company which, since 2014, is dynamically active in the retail energy market.

In 2010, the Group joined forces with Motor Oil, one of the leading Greek petroleum refining companies. Together they established M&M Gas S.A., a company that engages in the supply and trading of natural gas and has paved the way for the liberalisation of the domestic natural gas market.

5:45 PM

Discussion

6:15 PM

Part B-USA, EU AND GREECE: LESSONS TO BE LEARNT 10 YEARS AFTER THE 2008 CRISIS

Questioning the resilience of the euro zone’s architecture

Jeroen Dijsselbloem

President of the Eurogroup and minister of finance of the Netherlands

Jeroen Dijsselbloem

President of the Eurogroup and minister of finance of the Netherlands

Jeroen Dijsselbloem, minister of finance of the Netherlands, was elected Eurogroup president on January 21st 2013, and re-elected for a second term on July 13th 2015. His Eurogroup mandate ends in January 2018.

When Dijsselbloem assumed office, the green shoots of a sustained economic recovery began to emerge in the euro area. However, in the aftermath of the crisis the situation was still fragile. Safeguarding the euro was thus a top priority. Dijsselbloem was and is an advocate of showing solidarity with distressed countries in their effort to implement difficult reforms necessary to secure a balanced growth. Under his presidency, the Eurogroup continued to support the countries with whom it had in earlier years agreed on financial assistance programs, financed through the stability mechanisms established by the Eurozone members. The implementation of agreed policy reforms enabled several of them to successfully exit their programmes and regain market access.Another important milestone for Dijsselbloem is the implementation of the banking union. Completion of the banking union is a key priority in order to increase the euro area’s resilience.

Dijsselbloem has an MSc degree in agricultural economics from Wageningen University (1985-91) and performed a business economics research at the University College Cork, in Ireland (1991).

Currently, he is the Dutch minister of finance (since 2012), president of the Eurogroup (since 2013), member of the Dutch Parliament (2000-12 and since March 2017) and chairman of the board of governors ESM (since 2013).

George Chouliarakis

Alternate minister of finance, Greece

George Chouliarakis

Alternate minister of finance, Greece

George Chouliarakis is alternate minister of finance and chairman of the Council of Economic Advisers of Greece. Prior to his appointment, he was teaching macroeconomics at the University of Manchester. He also taught macroeconomics and quantitative economic history at the University of Essex. He is a visiting scholar of the Bank of Greece and a fellow of the Euro Area Business Cycle Network. He is currently a member of the Eurogroup Working Group (EWG) and a member of the board of directors of the European Stability Mechanism (ESM).

Secretary of the Treasury Jack Lew (2013-17) has served as the most senior economic official in the US government, helping to shape policies that drove the longest economic recovery in American history. At Treasury, he oversaw all aspects of international and domestic fiscal policy, including issues related to financial regulation, global sanctions regimes, tax policy, debt management and trade.

Secretary Lew presents an engaging view of how complex financial and geopolitical forces are shaping our economy, both domestically and overseas.

6:45 PM

Discussion

Venue

Offering a prime location in the heart of the Athenian Riviera, the Divani Apollon Palace & Thalasso is the perfect place for a memorable stay in Athens. This luxury hotel offers you the only Thalassotherapy center in the Attica region, lavish guest rooms and suites all with stunning sea views, a private beach, outdoor swimming pools, restaurants and bars and extensive business and events facilities.

If the loyalty of our guests is legendary, it is also because they can always be sure of finding the same dedicated and attentive staff on every visit.

Enjoy a truly magical stay in this exclusive hotel, one of the prestigious Leading Hotels of the World.

Do you detect a reverse in the course of the Greek economy? Or is it still too early? On the one hand, Grexit seems to have left the table, but on the other hand we still don’t see any growth rates that would point to a success story in Greece.

Greece has clearly made progress. The most recent IMF review reflected that progress, as do measures of economic performance. After a period of better growth, the economy did flatten out, but improved fiscal conditions are a basis for better growth in the future, and a first step back into capital markets reflects that progress. Countries cannot simply cut or borrow their way to sustained growth. To reach sustained growth and improved income equality requires a balanced and disciplined approach that supports both economic demand and investment – which is why maintaining reforms and ultimately reaching an agreement on debt restructuring remain so important. With this balanced approach, Greece should be an attractive place to invest, and should see growing access to capital markets. There is still more work to be done, but with the continued determination of the Greek people and their elected government, and the ongoing cooperation of international partners, the future holds the promise of further economic improvement in this birthplace of democracy.

As it emerges from the Eurogroup meeting of June 15​th in Luxembourg, the IMF will continue to participate actively in the Greek program, but will only disburse money if and when the medium term measures on the Greek debt​ are specified. How do you evaluate this development? Is it a good solution?

I have long agreed with the IMF that debt restructuring is essential to achieve a long term solution that puts Greece back on a path to sustained economic growth. It is in the interest of Europe, as well as the IMF and the US, for Greece to be on an economic path that promotes domestic and geopolitical stability. I was encouraged that the Luxembourg meeting produced greater certainty that debt restructuring will be addressed, and in that context hopefully resolve the Greek financial situation so that it does not require constant revisiting. That in and of itself will help produce a better environment both for economic growth and political stability. Since Luxembourg, additional progress on the IMF review and an initial step into the private capital markets are both positive developments.

In your opinion, where should the Greek side give more emphasis? On the demand for​ ​further​​ frontloaded debt relief or on the implementation of reforms that will improve competitiveness and increase GDP? What’s mo​re important?

The best solution is not a choice between these options, but all of the above. A well balanced plan that maintains credible fiscal targets, economic reforms that promote sustained investment and hiring, and debt restructuring that produces sustainable flows should all be combined in a comprehensive plan. Until all the elements are addressed at the same time, there will be an expectation of additional rounds of negotiations and all parties will hold back because of that. Moreover, the sum is greater than the parts if done together, and the impact on confidence and investment would be greater.

What is your experience through your cooperation with German Finance Minister Wolfgang Schäuble​,​ and how do you assess the performance of the Eurozone today?

Minister Schauble is a good friend, and I deeply value the role he has played to advance US and European cooperation to build a stronger and safer world. He and I sometimes have different macroeconomic views, but always stood together on the importance of maintaining the Atlantic Alliance and the European Union. On matters of mutual security and protecting sovereignty, one could ask for no better partner than Minister Schauble, whether addressing Russia’s invasion of Ukraine, supporting Iraq’s economy so battlefield gains against ISIL were not lost in a weakened economy, or working together to stop terrorist financing. In response to the refugee crisis, Germany relaxed fiscal demands, at home and through Europe, to promote an immediate and significant response.

Minister Schauble was a leader within Germany to knit together east and west, at substantial economic cost, and to advance cross European cooperation, including in the areas of financial reform and resolution

Europe is finally experiencing sustained economic improvement, and in my view Europe’s improved economy would be even stronger if available fiscal space was used more fully, and this would relieve pressure to use monetary tools. But it is also the case the Europe’s economy is much healthier than it was a few years ago.

Where do you detect​ ​changes in US economic policy ​until now, following Donald Trump​’s election,​ and how is the prospect for the Transatlantic Trade and Investment Partnership being shaped?

I believe that trade agreements like TTIP and TPP are very much in the interest of the United States. High standard agreements that open markets for trade also advance progress on labor, health, environmental protection and business practices. Since the US has historically held to high standards on our own, broadening the acceptance of high standards makes the US more competitive. I fear that abandoning US leadership in these multilateral negotiations invites others to fill the void, with the likelihood of lower not higher standards as an outcome.

The workplace is changing rapidly not just because of globalization, but even more because of advances in technology. Our political debate tends to merge the two, perhaps because it is easier to blame the anger of an anxious public on others than it is to take a hard look inward and ask how we can address issues within our own economies.

Each country and region faces its own challenges. In the US, for example, we know that we can build a stronger foundation for economic growth by investing in our aging infrastructure, which would create good middle class jobs today and in the future. We also know that we need to do better at education and training – for the young and not so young – so that we have skilled workers to fill jobs that are and will remain available. We also need to maintain a responsible fiscal policy and pay for these investments, particularly with the emerging demographic challenge of an aging baby boom.

In a growing economy, we do not need big tax cuts that add to the deficit. And in an economy where increasing shares of income go to returns on capital and highly compensated individuals, we should not roll back tax rates on the most fortunate. We should fix a tax code that too frequently lets wealth accumulated from investments go untaxed and in a deficit neutral way reform our business tax code to eliminate loopholes and lower rates that drive businesses to leave the US.

It would be reverse Robin Hood to cut health benefits for low wage workers to reduce taxes on high levels of investment income, yet that is exactly what pending legislation would do.

Going forward, we will do better if the debate shifts to areas where we should be able to work together – things like rebuilding our infrastructure and training our workforce. This would start to address the real source of the anxiety that is driving political expressions of anger.

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